Eric Trump announced that World Liberty Financial, the DeFi platform linked to President Donald Trump and his family, will take a significant treasury stake in the Official TRUMP memecoin.
He also confirmed that the controversial Trump-branded wallet recently unveiled by the team behind the memecoin would not continue development.
Wallet project nixed
The announcement comes less than 2 days after Trump brothers denounced the controversial wallet project that claimed to be “official.”
The team, Fight Fight Fight LLC, and NFT platform Magic Eden began promoting a Trump-branded wallet and trading application on June 3, only to face swift denial from the Trump Organization.
The Trump family publicly stated they had no connection to the wallet, prompting World Liberty Financial (WLFI) to issue a cease-and-desist letter to the firms involved.
The now-abandoned app had promised access to TRUMP trading alongside high-profile cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).
However, its seems the project quickly unraveled when Trump’s sons made clear that the family brand was being used without permission.
The backlash culminated in legal action from WLFI, which called the product misleading and unauthorized. In the wake of the announcement, the wallet effort has been shelved.
In a statement, World Liberty characterized the TRUMP token and its own platform as “distinct projects with a common mission,” signaling a desire to maintain synergy while distancing itself from unapproved ventures.
Strategic treasury investment
WLFI will acquire a substantial long-term position in the TRUMP token, aligning it with the platform’s treasury strategy. Eric Trump said the investment reflects a shared commitment to combining digital asset innovation with patriotic values.
The move comes less than a month after Trump hosted over 200 top TRUMP holders at one of his private golf clubs, a gathering that drew criticism from some lawmakers who accused the President of monetizing his political base through crypto.
Meanwhile, WLFI has also begun distributing its own stablecoin, USD1, to wallet addresses tied to early WLFI token sales.The stablecoin is positioned as a foundational component of WLFI’s broader decentralized finance ecosystem.
Although the Trump wallet project has been scrapped, WLFI’s escalating role in the memecoin’s growth suggests deeper coordination between the Trump-linked crypto ventures are far from over.
The post Eric Trump says WLFI will acquire TRUMP for treasury, unofficial wallet project nixed appeared first on CryptoSlate.
